The Nigerian National Petroleum Company Limited (NNPC) has recorded a significant decline in its revenue performance in 2026, earning N33.15 trillion between January and September, compared with N46.26 trillion generated during the same period in 2025.
The latest figures represent a reduction of approximately N13.11 trillion, equivalent to a 28.3 per cent year-on-year decline, highlighting growing pressure on the national oil company’s financial performance despite a modest recovery in revenue and production towards the end of the third quarter.
Despite the decline in earnings, NNPC maintained substantial financial contributions to the Federation Account, remitting N11.14 trillion in statutory payments during the first nine months of the year.
The figures were disclosed in the company’s September 2026 Monthly Operations and Financial Report, released on Tuesday. The report provides an overview of NNPC’s financial and operational performance, including revenue, profitability, statutory contributions and hydrocarbon production.
Although September delivered a noticeable improvement compared with the previous month, the recovery was not sufficient to offset the substantial revenue losses recorded earlier in the year.
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NNPC Revenue Falls From N46.26tn to N33.15tn
An examination of NNPC’s monthly financial reports shows that the company experienced a considerably weaker revenue performance during the first nine months of 2026 than it did in the corresponding period of the previous year.
Between January and September 2026, the national oil company generated a cumulative N33.152 trillion. This was significantly below the N46.257 trillion recorded between January and September 2025.
The difference of approximately N13.105 trillion represents a 28.3 per cent contraction in revenue.
NNPC’s monthly earnings throughout 2026 reflected considerable fluctuations, with revenue rising sharply in April before experiencing a series of declines and subsequent recoveries.
The company generated N2.571 trillion in January, followed by N2.680 trillion in February and N2.774 trillion in March.
Revenue increased substantially in April, reaching N4.971 trillion, making it the strongest monthly performance recorded during the first four months of the year.
However, earnings moderated to N4.335 trillion in May before increasing slightly to N4.389 trillion in June.
The downward trend became more pronounced in July, when revenue dropped to N3.087 trillion.
NNPC subsequently recorded N3.737 trillion in August, followed by a stronger performance of N4.608 trillion in September.
Despite the improvement in the final two months of the period, the company’s cumulative earnings remained considerably below the previous year’s level.
September Revenue Records 23.3% Monthly Growth
One of the major highlights of NNPC’s September financial report was the improvement in monthly revenue.
The company generated N4.608 trillion in September, representing an increase of approximately 23.3 per cent compared with the N3.737 trillion recorded in August.
The latest figure marked NNPC’s strongest monthly revenue performance since April, when earnings reached approximately N4.971 trillion.
The September recovery suggests an improvement in the company’s revenue performance following the weaker figures recorded in July and August.
However, the increase was not enough to close the substantial gap between its 2026 earnings and the revenue generated during the corresponding period of 2025.
A comparison of the monthly figures illustrates the extent of the difference.
In January 2025, NNPC generated N3.824 trillion, compared with N2.571 trillion in January 2026. February revenue also declined significantly, falling from N6.624 trillion in 2025 to N2.680 trillion in 2026.
The company recorded N5.475 trillion in March 2025, compared with N2.774 trillion in March 2026. April earnings dropped from N5.891 trillion to N4.971 trillion over the same period.
Similarly, revenue declined from N6.008 trillion in May 2025 to N4.335 trillion in May 2026.
June earnings fell from N5.105 trillion to N4.389 trillion, while July revenue decreased from N4.406 trillion to N3.087 trillion.
In August, NNPC generated N4.655 trillion in 2025, against N3.737 trillion in 2026. September revenue, however, improved from N4.269 trillion last year to N4.608 trillion this year.
The September figures were therefore an exception to the broader downward trend, with the company earning more than it did in the corresponding month of 2025.
Nevertheless, the gains recorded in September could not compensate for the larger revenue shortfalls accumulated during the preceding months.
NNPC September Profit Rises to N509bn
While revenue remained significantly below its 2025 level, NNPC recorded an improvement in its profitability in September.
The company reported a profit after tax of N509 billion, representing an 18.1 per cent increase from the N431 billion recorded in August.
The improvement in profit came alongside the 23.3 per cent monthly increase in revenue, suggesting stronger financial performance during the month.
However, the September profit figures should be considered separately from the company’s cumulative revenue performance.
Revenue represents the total income generated from business activities, while profit after tax reflects the amount remaining after expenses, applicable taxes and other relevant costs have been accounted for.
Consequently, an increase in monthly profitability does not necessarily mean that the company’s overall revenue position has recovered.
NNPC’s latest performance also comes against the background of its full-year 2025 financial results, which revealed a decline in annual revenue despite improvements in profitability and operating earnings.
2025 Financial Results Show Revenue and Profit Moving in Different Directions
NNPC’s full-year financial results for 2025 showed that the company generated N34.5 trillion in revenue, representing a 24 per cent decline from the N45.1 trillion recorded in 2024.
Despite the reduction in revenue, the company delivered stronger profitability during the year.
Its profit after tax increased by 33 per cent, rising from N5.4 trillion in 2024 to N7.2 trillion in 2025.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) also improved by 22 per cent, reaching N18 trillion compared with N14.8 trillion in the previous year.
The figures highlighted an important difference between NNPC’s revenue generation and its ability to maintain profitability.
Although the company experienced a substantial decline in total earnings, its higher profit and EBITDA figures indicated that profitability improved over the same period.
The latest nine-month figures for 2026, however, suggest that the pressure on revenue generation has continued.
NNPC Statutory Payments to Federation Account Reach N11.14tn
Beyond its revenue performance, NNPC maintained significant financial contributions to the Federation Account during the first nine months of 2026.
The company reported total statutory payments of N11.14 trillion between January and September.
This represented an increase of approximately 17.4 per cent compared with the N9.49 trillion recorded at the end of August.
The September contribution effectively added about N1.65 trillion to the company’s cumulative statutory payments.
These payments represent funds remitted to the Federation Account in line with the company’s statutory obligations and should not be confused with its total revenue or profit.
A comparison with the corresponding period of 2025, however, shows that NNPC’s cumulative statutory contributions were slightly lower this year.
Based on the monthly figures contained in the company’s 2025 financial reports, statutory payments between January and September last year stood at approximately N11.56 trillion.
Against this benchmark, the N11.14 trillion remitted during the first nine months of 2026 represents a decline of about N417 billion, or 3.6 per cent.
Although the difference is relatively modest compared with the company’s overall revenue decline, it indicates that the amount contributed to the Federation Account has also fallen slightly on a year-on-year basis.
The payments remain an important component of government revenue, particularly given the significance of the petroleum sector to Nigeria’s public finances.
Hydrocarbon Production Records Slight Improvement in September
Despite the financial challenges reflected in its revenue figures, NNPC reported a modest improvement in its hydrocarbon production performance in September.
Total hydrocarbon production reached 3.04 million barrels of oil equivalent per day, compared with 3.01 million barrels of oil equivalent per day recorded in August.
The increase indicates a slight improvement in overall production during the month.
Crude oil and condensate production stood at 1.70 million barrels per day in September.
Natural gas production also increased, rising to 7,789 million standard cubic feet per day from 7,680 million standard cubic feet per day in August.
The improvement in both overall hydrocarbon production and natural gas output represents a positive operational development for the national oil company.
However, the higher production figures have not yet translated into a reversal of the broader revenue decline recorded during the first nine months of 2026.
The contrast between production and revenue performance is particularly notable. While total hydrocarbon output increased slightly between August and September, cumulative earnings remained considerably below the level achieved during the same period last year.
Revenue Recovery Remains a Key Challenge for NNPC
NNPC’s September 2026 financial report presents a mixed picture of the company’s performance.
On one hand, the national oil company recorded stronger monthly revenue, higher profit after tax and modest improvements in crude oil and natural gas production.
On the other hand, its cumulative revenue declined by 28.3 per cent year-on-year, while statutory payments to the Federation Account remained slightly below the corresponding 2025 figure.
The September recovery provides some positive momentum following the weaker performance recorded earlier in the year. Nevertheless, the N13.11 trillion revenue shortfall highlights the scale of the financial gap the company has accumulated.
With total hydrocarbon production reaching 3.04 million barrels of oil equivalent per day and statutory payments standing at N11.14 trillion, NNPC continues to play a significant role in Nigeria’s petroleum industry and public revenue system.
The central question emerging from the latest figures is whether the improvement recorded in September can be sustained in the final quarter of 2026.
For now, the company’s financial results show that stronger monthly performance and improved production indicators have yet to translate into a full recovery in its overall revenue position.
